The Abu Dhabi Department of Economic Development (ADDED), in partnership with the other government entities, including the Abu Dhabi Chamber of Commerce, has slashed business setup fees by over 90%, i.e. to Dh 1,000. The new fees structure has been effective from 27th July 2021. The new rate will see the scrapping of some fees that were previously payable to different public bodies.
The reduced cost applies to six activities within the business license. It will cover all fees from Abu Dhabi government entities like ADDED, the Department of Municipality and Transport, membership fees for Abu Dhabi Chamber, CoC (Certificate of Conformity) issuances fees, and fees required by Abu Dhabi regulating entities dependent on the type of business.
Aim to Improve Ease of Doing Business
This move has aimed to enhance the ease of doing business in the capital city and increase transparency for investors while reducing administrative issues. It also supports the Abu Dhabi government’s efforts of creating a thriving business environment in the private sector.
According to the statement provided by His Excellency Mohamed Ali Al Shorafa, Chairman of ADDED –
“We hope this significant change in fee structure helps further to ease the setup process for new and existing investors. Our goal for Abu Dhabi, as part of our new economic strategy, is to create a thriving business environment that encourages growth and innovation.”
Abu Dhabi has taken many such initiatives, like providing rent rebates, discounts on utility bills and loan guarantee packages, supporting businesses, and stimulating economic growth in the past year amid the coronavirus pandemic. Moreover, during the crisis that has taken over the world since last year, Abu Dhabi has been at the forefront in planning packages to stimulate economic growth through strategic investments and 16 initiatives to support the private sector.
What’s in it for you?
With such measures, the economy of Abu Dhabi is expected to grow between 6-8 per cent over the next two years, driven by government spending, foreign direct investment and financial services. So if you have been thinking about the possibility of opening a business in the UAE, then this is the best opportunity for you. And with Expo 2020 around the corner, your dream venture will have a successful kick-start.
We at Commitbiz can assist you in setting up a business in Abu Dhabi, considering the new fee structure. Our consultants will be hands-on in providing helpful suggestions for any queries that you have during the process. Having more than 14 years of experience in this field, we guarantee you a smooth and hassle-free incorporation procedure.
Get in touch with us for more information.